EIB provides €130 million for energy production in Cyprus

• 12 years ago (2012-03-09)
• David Flin

Europe 1061

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The European Investment Bank (EIB) has announced that it will provide €130 million to the Electricity Authority of Cyprus for a new power unit to enhance electricity supply in that country.

A finance document was signed on 8 March at the Cypriot Finance Ministry in Nicosia by Plutarchos Sakellaris, Vice President of the EIB, and Harris Thrassou, President of the Electricity Authority of Cyprus.

Sakellaris said that he was delighted to sign a vital finance contract for energy production at the Vassilikos power plant in Cyprus. He said: This is our sixth loan with the Electricity Authority of Cyprus. Through our long-lasting and good cooperation, we were able to provide significant support to the generation, transmission and distribution of electricity in Cyprus. The loan comes in good time to cater to the urgent need for energy production in the country after the explosion at the adjacent Mari Naval Military Base.”

The EIB has supported a number of energy projects in Cyprus, mainly in cooperation with the Electricity Authority of Cyprus. This includes loans totalling €330 million to upgrade the transmission and distribution network, and €30 million for a new unit at the Dekeleia power station in the district of Larnaca in Cyprus. A further €200 million went to the Vassilikos power plant, one of the largest investments undertaken in Cyprus. Both plants can be retrofitted to natural gas, once this becomes available on Cyprus.